Method and system for facilitating a context-based electronic communication regarding a financial transaction

ABSTRACT

Method and system providing context-based electronic communication regarding a financial transaction. One system includes a database configured to store data pertaining to a financial transaction involving an investment fund. The system further includes a display application configured to create a display for displaying the financial transaction and one or more transaction parameters. The transaction parameters are based on data pertaining to the financial transaction stored in the database. The system further includes a communication application configured to create a communication interface. The communication interface enables a first user to initiate a communication with a second user regarding the financial transaction. The communication interface further automatically embeds at least a portion of the transaction parameters in the communication displayed to the second user.

TECHNICAL FIELD

The present application relates generally to data management and, morespecifically, to a method and system for administering an investmentfund.

BACKGROUND

Investment funds are generally professionally managed investmentvehicles that hold and manage assets of investors (e.g., individuals,pension funds, companies, and so on). One example of an investment fundis a hedge fund. Hedge funds are typically set up as private investmentpartnerships, and they generally employ a variety of aggressiveinvestment strategies, such as leveraged, long, short and derivativepositions to enhance returns.

Assets of a hedge fund are generally gathered and managed by hedge fundmanagement systems. Specific activities related to hedge fund managementmay include, but are not limited to calculating the net asset value ofthe hedge fund; managing risk; maintaining financial books and recordsof the hedge fund; pricing of assets, and so on. Some or all of theseactivities may be functions performed by a hedge fund management system.

A number of additional entities, including prime brokers (e.g.,investment banks), market data vendors, distributors, and so on mayparticipate in and/or assist with the management of a hedge fundutilizing their own respective systems. Prime brokers may lendsecurities and cash to the hedge fund for investment on a leveragedbasis. Prime brokers may also act as a counterparty to derivativecontracts. Market data vendors may offer the hedge fund managers accessto trading activity (e.g., on the NASDAQ stock market), e.g., byproviding real-time quotations, trade and market summary data, marketnews, company profiles, and so on. Distributors may assist withmarketing the hedge fund to potential investors.

One challenge associated with managing a hedge fund is coordinating theactivities of and the communication between the various entitiesdescribed above and their respective systems. Individuals and systemswithin the different entities communicated with each other in an ad hocmanner, e.g., via phone, e-mail, etc., partly because the systems of thedifferent entities are different from one another. Such mode ofinteraction is problematic because it generally lacks transparency; itis relatively time consuming and prone to human errors and oversight; itdoes not provide a good record of management activities, and so on.Accordingly, it would be desirable have an integrated platform foradministering the numerous activities associated with hedge fundmanagement.

SUMMARY

In general, the present disclosure provides techniques for context-basedelectronic communication regarding a financial transaction. In oneembodiment, in order to facilitate a context-based electroniccommunication, a data integration system is used. The data integrationsystem includes one or more data collectors for collecting variousparameters associated with financial transactions and a database forstoring the collected parameters. Further, the data integration systemincludes a display application for displaying a list of transactions andthe parameters associated with those transaction. Still further, thedata integration system includes a communication application that allowsa user to select a particular transaction and initiate an electroniccommunication (e.g., instant message, e-mail, and so on) with anotheruser regarding that transaction. When the electronic communication isinitiated, certain parameters of the associated transaction areautomatically attached to the communication in order to provide theusers with the necessary context for the communication. This generallyreduces the time spent by the users on setting the context of thecommunication.

As one example, the data integration system may enable users tocommunicate with each other regarding an electronic trade via instantmessaging (IM), using an IM window that automatically displays to theusers parameters of the electronic trade. As a result, users may not berequired to exchange that information to set the context for the IMconversation. Furthermore, if desired, the IM window may be configuredto provide access to more information about the trade that is notdisplayed in the IM window.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1A illustrates an example computer network;

FIG. 1B illustrates an example computer that may be connected to thenetwork of FIG. 1A;

FIG. 2 illustrates an example investment fund administrationenvironment;

FIG. 3 illustrates an example interface embodiment for generallymanaging financial data;

FIG. 4 illustrates an example embodiment of a trade view;

FIG. 5 illustrates an example expanded view of a trade;

FIG. 6 illustrates another example embodiment of a trade view;

FIG. 7 illustrates an example embodiment of an instant messaging windowfor communication regarding trades;

FIG. 8 illustrates an example process to allow a user to communicatewith another user regarding a trade a financial transaction;

FIG. 9 illustrates an example process for attaching context to afinancial transaction.

FIG. 10 illustrates an example embodiment of a position view;

FIG. 11 illustrates an example process 1100 for allowing a user toidentify exposure of the investment fund to a particular issuer;

FIG. 12 illustrates an example interface embodiment of a price view;

FIG. 13 illustrates an example interface embodiment for uploadingprices;

FIG. 14 illustrates another example interface embodiment for uploadingprices;

FIG. 15 illustrates another example interface embodiment of a priceview;

FIG. 16 illustrates an example interface for editing the price of asecurity;

FIG. 17 illustrates an example interface embodiment for providinghistorical information about a security;

FIG. 18 illustrates an example interface embodiment of a profit-and-lossview;

FIG. 19 illustrates an example interface embodiment of a cash view;

FIG. 20 illustrates an example interface embodiment for generallymanaging financial data, including a timeline; and

FIG. 21 illustrates an example interface embodiment for generallymanaging financial data, including summaries and tasks.

Like reference numbers and designations in the various drawings indicatelike elements.

DETAILED DESCRIPTION

Although the following text sets forth a detailed description ofnumerous different embodiments, it should be understood that the legalscope of the description is defined by the words of the claims set forthat the end of this disclosure. The detailed description is to beconstrued as exemplary only and does not describe every possibleembodiment since describing every possible embodiment would beimpractical, if not impossible. Numerous alternative embodiments couldbe implemented, using either current technology or technology developedafter the filing date of this patent, which would still fall within thescope of the claims.

It should also be understood that, unless a term is expressly defined inthis patent using the sentence “As used herein, the term ‘______’ ishereby defined to mean . . . ” or a similar sentence, there is no intentto limit the meaning of that term, either expressly or by implication,beyond its plain or ordinary meaning, and such term should not beinterpreted to be limited in scope based on any statement made in anysection of this patent (other than the language of the claims). To theextent that any term recited in the claims at the end of this patent isreferred to in this patent in a manner consistent with a single meaning,that is done for sake of clarity only so as to not confuse the reader,and it is not intended that such claim term by limited, by implicationor otherwise, to that single meaning. Finally, unless a claim element isdefined by reciting the word “means” and a function without the recitalof any structure, it is not intended that the scope of any claim elementbe interpreted based on the application of 35 U.S.C. §112, sixthparagraph.

Much of the disclosed functionality and many of the disclosed principlesare best implemented with or in software programs or instructions andintegrated circuits (ICs) such as application specific ICs. It isexpected that one of ordinary skill, notwithstanding possiblysignificant effort and many design choices motivated by, for example,available time, current technology, and economic considerations, whenguided by the concepts and principles disclosed herein will be readilycapable of generating such software instructions and programs and ICswith minimal experimentation. Therefore, in the interest of brevity andminimization of any risk of obscuring the principles and concepts inaccordance to the present invention, further discussion of such softwareand ICs, if any, will be limited to the essentials with respect to theprinciples and concepts of the preferred embodiments.

FIGS. 1A-1B provide a structural basis for the network and computationalplatforms related to the instant disclosure.

FIG. 1A illustrates a network 10. The network 10 may be the Internet, avirtual private network (VPN), or any other network that allows one ormore computers, communication devices, databases, etc., to becommunicatively connected to each other. The network 10 may be connectedto a personal computer 12, and a computer terminal 14 via an Ethernet 16and a router 18, and a landline 20. The Ethernet 16 may be a subnet of alarger Internet Protocol network. Other networked resources, such asprojectors or printers (not depicted), may also be supported via theEthernet 16 or another data network. On the other hand, the network 10may be wirelessly connected to a laptop computer 22 and a personal dataassistant 24 via a wireless communication station 26 and a wireless link28. Similarly, a server 30 may be connected to the network 10 using acommunication link 32 and a mainframe 34 may be connected to the network10 using another communication link 36. The network 10 may be useful forsupporting peer-to-peer network traffic.

FIG. 1B illustrates a computing device in the form of a computer 110.Components of the computer 110 may include, but are not limited to aprocessing unit 120, a system memory 130, and a system bus 121 thatcouples various system components including the system memory to theprocessing unit 120. The system bus 121 may be any of several types ofbus structures including a memory bus or memory controller, a peripheralbus, and a local bus using any of a variety of bus architectures. By wayof example, and not limitation, such architectures include IndustryStandard Architecture (ISA) bus, Micro Channel Architecture (MCA) bus,Enhanced ISA (EISA) bus, Video Electronics Standards Association (VESA)local bus, and Peripheral Component Interconnect (PCI) bus also known asMezzanine bus.

Computer 110 typically includes a variety of computer readable media.Computer readable media can be any available media that can be accessedby computer 110 and includes both volatile and nonvolatile media,removable and non-removable media. By way of example, and notlimitation, computer readable media may comprise computer storage mediaand communication media. Computer storage media includes volatile andnonvolatile, removable and non-removable media implemented in any methodor technology for storage of information such as computer readableinstructions, data structures, program modules or other data. Computerstorage media includes, but is not limited to, RAM, ROM, EEPROM, FLASHmemory or other memory technology, CD-ROM, digital versatile disks (DVD)or other optical disk storage, magnetic cassettes, magnetic tape,magnetic disk storage or other magnetic storage devices, or any othermedium which can be used to store the desired information and which canaccessed by computer 110. Communication media typically embodiescomputer readable instructions, data structures, program modules orother data in a modulated data signal such as a carrier wave or othertransport mechanism and includes any information delivery media. Theterm “modulated data signal” means a signal that has one or more of itscharacteristics set or changed in such a manner as to encode informationin the signal. By way of example, and not limitation, communicationmedia includes wired media such as a wired network or direct-wiredconnection, and wireless media such as acoustic, radio frequency,infrared and other wireless media. Combinations of any of the aboveshould also be included within the scope of computer readable media.

The system memory 130 includes computer storage media in the form ofvolatile and/or nonvolatile memory such as read only memory (ROM) 131and random access memory (RAM) 132. A basic input/output system 133(BIOS), containing the basic routines that help to transfer informationbetween elements within computer 110, such as during start-up, istypically stored in ROM 131. RAM 132 typically contains data and/orprogram modules that are immediately accessible to and/or presentlybeing operated on by processing unit 120. By way of example, and notlimitation, FIG. 1B illustrates operating system 134, applicationprograms 135, other program modules 136, and program data 137.

The computer 110 may also include other removable/non-removable,volatile/nonvolatile computer storage media. By way of example only,FIG. 1B illustrates a hard disk drive 141 that reads from or writes tonon-removable, nonvolatile magnetic media, a magnetic disk drive 151that reads from or writes to a removable, nonvolatile magnetic disk 152,and an optical disk drive 155 that reads from or writes to a removable,nonvolatile optical disk 156 such as a CD ROM or other optical media.Other removable/non-removable, volatile/nonvolatile computer storagemedia that can be used in the exemplary operating environment include,but are not limited to, magnetic tape cassettes, flash memory cards,digital versatile disks, digital video tape, solid state RAM, solidstate ROM, and the like. The hard disk drive 141 is typically connectedto the system bus 121 through a non-removable memory interface such asinterface 140, and magnetic disk drive 151 and optical disk drive 155are typically connected to the system bus 121 by a removable memoryinterface, such as interface 150.

The drives and their associated computer storage media discussed aboveand illustrated in FIG. 1B, provide storage of computer readableinstructions, data structures, program modules and other data for thecomputer 110. In FIG. 1B, for example, hard disk drive 141 isillustrated as storing operating system 144, application programs 145,other program modules 146, and program data 147. Note that thesecomponents can either be the same as or different from operating system134, application programs 135, other program modules 136, and programdata 137. Operating system 144, application programs 145, other programmodules 146, and program data 147 are given different numbers here toillustrate that, at a minimum, they are different copies. A user mayenter commands and information into the computer 20 through inputdevices such as a keyboard 162 and cursor control device 161, commonlyreferred to as a mouse, trackball or touch pad. A camera 163, such asweb camera (webcam), may capture and input pictures of an environmentassociated with the computer 110, such as providing pictures of users.The webcam 163 may capture pictures on demand, for example, wheninstructed by a user, or may take pictures periodically under thecontrol of the computer 110. Other input devices (not shown) may includea microphone, joystick, game pad, satellite dish, scanner, or the like.These and other input devices are often connected to the processing unit120 through an input interface 160 that is coupled to the system bus,but may be connected by other interface and bus structures, such as aparallel port, game port or a universal serial bus (USB). A monitor 191or other type of display device is also connected to the system bus 121via an interface, such as a graphics controller 190. In addition to themonitor, computers may also include other peripheral output devices suchas speakers 197 and printer 196, which may be connected through anoutput peripheral interface 195.

The computer 110 may operate in a networked environment using logicalconnections to one or more remote computers, such as a remote computer180. The remote computer 180 may be a personal computer, a server, arouter, a network PC, a peer device or other common network node, andtypically includes many or all of the elements described above relativeto the computer 110, although only a memory storage device 181 has beenillustrated in FIG. 1B. The logical connections depicted in FIG. 1Binclude a local area network (LAN) 171 and a wide area network (WAN)173, but may also include other networks. Such networking environmentsare commonplace in offices, enterprise-wide computer networks, intranetsand the Internet.

When used in a LAN networking environment, the computer 110 is connectedto the LAN 171 through a network interface or adapter 170. When used ina WAN networking environment, the computer 110 typically includes amodem 172 or other means for establishing communications over the WAN173, such as the Internet. The modem 172, which may be internal orexternal, may be connected to the system bus 121 via the input interface160, or other appropriate mechanism. In a networked environment, programmodules depicted relative to the computer 110, or portions thereof, maybe stored in the remote memory storage device. By way of example, andnot limitation, FIG. 1B illustrates remote application programs 185 asresiding on memory device 181.

The communications connections 170, 172 allow the device to communicatewith other devices. The communications connections 170, 172 are anexample of communication media. The communication media typicallyembodies computer readable instructions, data strictures, programmodules or other data in a modulated data signal such as a carrier waveor other transport mechanism and includes any information deliverymedia. A “modulated data signal” may be a signal that has one or more ofits characteristics set or changed in such a manner as to encodeinformation in the signal. By way of example, and not limitation,communication media includes wired media such as a wired network ordirect-wired connection, and wireless media such as acoustic, RF,infrared and other wireless media. Computer readable media may includeboth storage media and communication media.

FIG. 2 illustrates an example investment fund administration environment200. The systems described in reference to FIG. 2 may be coupled to anetwork similar to the network 10 described in FIG. 1A. The systemsdescribed in reference to FIG. 2 may further include and/or beimplemented on one or more computers similar to the computer 110described in FIG. 1B.

The investment fund administration environment 200 may generally includean investment fund administrator 202 that uses an investment fundadministration system 204 to administer one or more investment funds220. To administer a given investment fund 220, the investment fundadministration system 204 may interact with the investment fundmanagement system 222 of the investment fund 220, e.g., to collect dataregarding assets held by the investment fund 220, transactions involvingthe investment fund 220, and so on. The investment fund administrationsystem 204 may further interact with prime broker systems 226 of one ormore prime brokers 224, e.g., to collect data regarding prime brokersused by the investment fund 220. The investment fund administrationsystem 204 may also interact with investor systems 230 of one or moreinvestors 228, e.g., to collect data regarding activity of the investorsassociated with investment fund 220. Additionally, the investment fundadministration system 204 may interact with marked data systems 234 ofone or more market data vendors 232, e.g., to collect data regarding themarket. Still further, the investment fund administration system 204 mayinteract with reference data systems 231 of one or more reference datasuppliers 229, e.g., to collect reference data, such as security masterdata.

The investment fund administration system 204 may include a database 206to store the data that the investment fund administration system 204collects from various sources (e.g., investment fund management systems222, prime broker systems 226, investor systems 230, market data systems234, and so on). In order to collect the data, the investment fundadministration system 204 may include a number of data collectors thatmay collect data, e.g., pertaining to assets and/or transactions of theinvestment fund 220 from various source (e.g., as listed above). Forexample, the investment fund administration system 204 may include atransaction data collector 208 to collect transaction data regardingtransactions involving and investment fund 220. Such data may includedifferent attributes of the transaction. If the transaction is a tradefor instance, transaction attributes of the trade may include dataregarding the assets (e.g., securities) associated with the trade, theprice and quantity of these assets, information about the counterpartyin the trade, and so on.

The investment fund administration system 204 may further include anevent data collector 212 to collect data about events associated withdifferent financial transactions involving the investment fund 220. Forexample, the event data collector may collect information about events,such as trade breaks, that prevented certain trades from clearing,rejections of trades by the counterparty and/or by the investment fund,approvals of trades by the counterparty and/or by the investment fund,and so on.

The investment fund administration system 204 may further include acommunication data collector 210 to collect data about communicationsbetween different parties regarding financial transactions, assets, andso on, involving the investment fund 220. For example, the communicationdata collector 210 may collect data about different communications(e.g., e-mails, voicemails, instant messaging communications, etc.) thataccompanied a settlement of a given trade break.

In order to aggregate all of the data collected by the different datacollectors described above, the investment fund administration system204 may include a data aggregator 214. The data aggregator 214 may be acomputer system that aggregates that data to supply that data, forexample, to various software routines. The various software routines mayuse some or all of the aggregated data, for example, to generate reportsabout different assets held by the investment fund 220, transactionsinvolving the investment fund 220, and so on. For instance, in someembodiments, the investment fund administration system 204 may include,for instance, a display application 216 for displaying the data to auser. Additionally, the investment fund administration system 204 mayinclude a communication application 218 to allow users to communicatedata to other users. Details of the display application 216 and thecommunication application 218 are described below.

FIG. 3 illustrates an example interface embodiment 300 for generallymanaging financial data. The interface embodiment 300 may beimplemented, for example, on an investment fund administration systemsimilar to the investment fund administration system 204 in FIG. 2.However, it should be understood, that the interface embodiment 300 maybe implemented on other investment fund administration systems.

The interface 300 may be customized e.g., for each user, each firm, eachfund, and so on. For example, a chief operations officer of aninvestment fund may have access to different data than may, for example,an account manager for that investment fund. The interface 300 mayinclude one or more standardized views (e.g., blotters) 310 a-310 e toallow users to manage various types of financial data, including datarelated to different types of financial assets, data related todifferent parties and financial entities, and so on. For example, theinterface 300 may include a trade view 310 a for managing trades, aposition view 310 b for managing positions (e.g., of securities,portfolios, strategies, and so on), a price view 310 c for managingprices, a Profit and Loss (P&L) view 310 d for managing P&L statements,and a cash view 310 c for managing cash accounts.

Although different views 310 a-310 e may include data of differenttypes, from different sources, the views 310 a-310 e may besubstantially standardized to provide to a user a similar look and feelacross different views 310 a-310 e. This may generally lead to a moreefficient, intuitive, and transparent user interface. For example, auser may be able to manage information of different types in thedifferent views 310 a-310 e in a similar fashion, making it easier, forexample, to move information from one view to another, and to generallynavigate between the different views 310 a-310 e. Furthermore, differentviews 310 a-310 e may provide indications of problems of different types(e.g., trade breaks, invalid prices, unrecognized party names, and soon) in a similar way, making it easier for a user to identify and solvepotential problems. Because the views 310 a-310 e may be substantiallystandardized, it should be understood that if a given feature isdescribed below in reference to only one type of a view (for simplicityof explanation), that feature may be applicable to other views as well.

A given view may generally display financial data as a list of entries320 a-320 b. For example, entries in a trade view 310 a may includetrades, entries in a position view 310 b may include securities andcorresponding positions (i.e., metrics indicative of the quantity of thesecurities), entries in a cash view 310 e may include cash accounts, andso on. A given entry may include one or more fields 330 a-330 c thatdefine the entry. Examples of fields 330 a-330 c include the securityfield 330 a, which lists one or more securities associated with theentry; the status field 330 b, which specifies the status of an entry(e.g., whether the entry is new, recently updated, outdated, and so on);one or more date fields 330 c, which specify various dates associatedwith entry; and so on.

A given view may be configured to allow a user to edit the financialdata displayed in the view. For example, a user may edit, add, remove,flag, etc. individual fields and entries. A user may also import newdata into the view, e.g., from a file, a database, and so on. Likewise,a user may export data from the view, e.g., to a file, a database, etc.A user may also generate various types of reports based on the data inthe view (e.g., month-end reports, daily reports, activity reports,reconciliation reports, an so on). Additionally, a user may be able tocommunicate, e.g., via e-mail, fax, instant messaging, etc. with otherusers regarding, for example, a given entry in the view and then attachthe communication to that entry, as will subsequently be described inmore detail. A user may further communicate data from the view to otherusers, e.g., via e-mail, fax, and so on. For example, a user may e-mailthe view, or a portion of the view, to another user.

In some embodiments, a user may further configure the way in which datain the view is displayed. For example, a user may configure what type ofdata is displayed in the view. A user may further configure the generallayout of the view and/or the order in which data is displayed in theview. For example, a user may configure the view to display a specificset of entries (e.g., only new entries), sorted in a particular way(e.g., by date). A user may use a number of mechanisms to configure theview, including drop-down menus (e.g., similar to a drop down menu 340illustrated in FIG. 3), pop-up menus, dialog boxes, buttons, checkboxes,and so on.

In some embodiments, a given view may be configured to provide anindication of an issue, or a problem, associated with a given entry or afield. Examples of potential issues include outdated or invalid entries,unrecognized names, approaching or missed deadlines, and so on. Anindication of an issue may be presented, for example, in the form of avisual alert indicator (e.g., an alert sign 350). The alert sign 350 maybe placed appropriately at a location corresponding to the entry, or thefield at issue. The alert sign 350 may be activated, for example, when auser clicks on it, places a mouse over it, and so on. If the alert sign350 is activated, an alert message 360 may be displayed to the user,describing the nature of the issue. As an example, if for a given entry,the listed security is not recognized, an alert sign 350 may be placednext to the name of the security. If a user clicks on the alert sign350, an alert message 360 may be displayed to the user, indicating thatthe name is not recognized.

In some embodiments, a view may be configured to allow a user toaggregate context associated with a given entry and attach that contextto the entry. More specifically, a view may be configured to allow auser to attach supporting records to a given entry in the view.Attaching supporting records to an entry may generally improvetransparency and integrity of financial data included in the entrybecause supporting records may provide users with background informationand factual evidence related to that data. For example, supportingrecords may provide reasons why a given field in an entry (e.g., priceof a non-liquid instrument) was changed, conversations that led to thatchange, parties responsible for that change, and other supportinginformation related to that change. Supporting records associated withan entry may include, for example, notes, comments, flags, etc.associated with the entry (e.g., added by one or more users). Supportingrecords associated with an entry may further include documents (e.g.,contracts, policy agreements, and so on) that may be relevant to theentry. Supporting records associated with an entry may further includecommunications (e.g., e-mails, voicemails, instant messages, and so on)regarding that entry.

FIG. 4 illustrates an example embodiment of a trade view 400. The tradeview 400 may generally include a list of trades 410, e.g., for a giventime period, such as a day, a month, and so on. Various informationabout a particular trade may be displayed in the trade view 400,including the order management system (OMS) associated with the trade410, the status of the trade 410 (e.g., approved, completed, rejected,and so on), the type of transaction associated with the trade 410 (e.g.,buy, sell, short sell, and so on), one or more securities associatedwith the trade 410, one or more counterparties to the trade, trade count(e.g., quantity of securities), trade date, settle date, on or moreprices associated with the trade, and so on.

In order to provide more details about a given trade 410, in someembodiments, the trade view may be configured to present to a user anexpanded view of the trade 410, e.g., upon demand. FIG. 4 illustrates anexample expanded view 500 of a trade 410. The expanded view of the trade410 may provide additional information to a user about the trade 410,such as the name of the trader, trade currency, settlement type anddate, commission details, invoice details, information regarding one ormore position blocks associated with the trade, and so on. The user maygenerally configure which information is provided in the expanded view,which information is provided only in expanded view, and so on.

As discussed above, in some embodiments, the trade view 400 may beconfigured to allow a user to attach additional information to a trade.Referring to FIG. 6, for example, a user may be able to attach a commentto a trade. If a user attaches a comment to a trade, subsequent userswho view the trade may be able to view that comment. For example, inorder to increase transparency, a user may attach a comment explainingto apparent inconsistencies, or errors, associated with the trade. Auser may use a number of mechanisms to attach a comment to a trade, forexample, by selecting that trade (e.g., in a particular location, suchas the column marked “ACTION” 610 in FIG. 6, or anywhere with a rightmouse button click, etc.) and selecting “Comment” on a menu (e.g., adrop-down menu).

In some embodiments, a user may also attach a communication (e.g., ane-mail, a fax, a voicemail, an instant message communication, and so on)to a trade. In particular, a user may select a particular trade andinitiate an instant messaging (IM) communication with another user (orseveral users) regarding the trade. For example, an investment fundmanager may initiate an IM communication with an account manager if theinvestment fund manager has a question for the account manager regardingdetails of a particular trade.

Referring to FIG. 7, in some embodiments, a trade view 700 may beconfigured to provide a user with an IM window 710 for communicatingwith other users regarding a trade, for example, in response to theuser's initiation of an IM communication. The IM window 710 may be awindow embedded into the trade view, a pop-up window, and so on. The IMwindow 710 may include information about the trade (e.g., informationabout the trade discussed in reference to FIG. 4), so that userscommunicating via IM about the trade are not required to exchange thatinformation to set the context for the communication. Furthermore, ifdesired, the IM window 710 may be configured to provide access to moreinformation about the trade that is not displayed in the IM window. Forexample the IM window 710 may include a link to the expanded view of thetrade in the trade view. Providing context for the IM communication viathe IM window 710 may eliminated the need for the users participating inthe conversation to establish that context. This may generally lead toquicker, shorter, and more efficient communications, as well as fewerinstances of misunderstandings, human errors, and so on.

FIG. 8 is a flow chart illustrating an example process 800 to allow auser to communicate with another user (e.g., an account manager)regarding a trade, or more generally, regarding a financial transaction.The example process 800 is described with respect to the investment fundadministration system 204 illustrated in FIG. 2. However, it should beunderstood that the example process 800 may be implemented on otherinvestment fund administration systems.

Referring to FIG. 8, the investment fund administration system 204 mayreceive data pertaining to a financial transaction (block 810). The datamay be received from various data sources (e.g., investment fundmanagement system 222, prime broker system 226, investor system 230,market data system 234, and so on). The received data may be stored inthe database 206 (block 820). The investment fund administration system204 may then use the display application 218 to display the financialtransaction and the parameters of the financial transaction (block 830).The transaction parameters may be based on the data received in block810.

The investment fund administration system 204 may then use thecommunication application 218 to receive a request from a user toinitiate a communication with another user (block 840). As explained inreference to FIG. 6, for example, the user may initiate an IMcommunication with an account manager via the trade view 600 with anaccount manager. In order to save the time usually spent on establishingthe context of the communication, the context of the communication(e.g., transaction parameters) may be embedded into the communicationdisplayed to the account manager (block 850). For example, as explainedin reference to FIG. 7, transaction parameters may be embedded in the IMwindow 710.

In some embodiments, IM conversations, or any other communications(e-mails, voicemails, and so on) between users regarding a specifictrade may be attached to the trade. For example, these conversations maybe available to the users in the expanded view of the trade. As aresult, other users who inquire about the same trade may be able to viewthe communications, e.g., in the expanded view of the trade. This leadsto an increased transparency and to a general improvement in theefficiency associated with tracking trades in an organization, forexample, by eliminating the typical back-and-forth (e.g., phoneconversations, e-mails, and so on) associated with resolving seeminggaps or inconsistencies in information. If a user does not recognize aparticular trade, for example, previous communications between otherusers regarding that trade (attached to the trade in the trade view 300)may help the user identify that trade, which may eliminate the need tocontact these other users himself.

FIG. 9 is a flow chart illustrating an example process 900 for attachingcommunications to a trade, and, more generally, for attaching context toa financial transaction. The example process 900 is described withrespect to the investment fund administration system 204 illustrated inFIG. 2. However, it should be understood that the example process 900may be implemented on other investment fund administration systems.

Referring to FIG. 9, the investment fund administration system 204 mayuse the transaction data collector 208 to collect data related toattributes of a financial transaction (block 910). Attributes of afinancial transaction may include, for instance, attributes of a tradediscussed in reference to FIG. 4. The investment fund administrationsystem 204 may further use the event data collector 212 to collect dataindicative of events associated with the financial transaction (block920). For example, events associated with the financial transaction maybe events described in reference to FIG. 2. The investment fundadministration system 204 may further use the communication datacollector 218 to collect communications related to the financialtransaction (block 930). Communications related to the financialtransaction may include IM communications, e-mails, voicemails, and soon.

Once the data is collected, the investment fund administration system204 may use the aggregator 214 to aggregate the data related toattributes of the financial transaction, data indicative of eventsassociated with the financial transaction, and the communicationsrelated to the financial transaction (block 940). Furthermore, theaggregator 214 may associate the aggregated data with the transaction(block 950). Consequently, if further queries are made (e.g., at afuture time) about a particular transaction, the aggregated dataassociated with the transaction may be, for example, displayed to theuser making the query, used to generate reports, etc.

FIG. 10 illustrates an example embodiment of a position view 1000. Theposition view 1000 may generally include a list of securities, e.g.,issued by a given security-issuing entity (“issuer”) and thecorresponding positions on those securities. Various data related to aparticular security may be displayed in the position view 1000,including the type of the security (e.g., a common stock, an option, acorporate bond, and so on), a profit and loss (P&L) statement for a day,month, year, etc., the position (e.g., open position) of the security,the date the security was issued, and so on.

Users may configure the position view 1000 to display the securities ina number of ways. For example, a user may configure the position view1000 to display all types of securities. Additionally, or alternatively,a user may configure the position view 1000 to display only a subsete.g., one type, of securities (for example, options). Furthermore, auser may configure the position view 1000 to display securities in orderof open position, current position, and so on. Therefore, in general, auser, e.g., an investment fund manager, may configure the position view1000 to display the exposure of an investment fund to a particularentity (e.g., an issuer, a counterparty to the transaction, and so on),to a particular type of security (e.g., common stock of a given issuer),to a particular issuing time period, and so on. In other words, the usermay identify the degree to which the investment fund is invested in aparticular entity, a particular type of security, etc.

Additionally, or alternatively, in some embodiments, a user mayconfigure the position view 1000 to display the exposure of a particularportfolio, a particular trading strategy, the desk or portfolio of aparticular trader, etc. to a particular entity (e.g., issuer), to aparticular type of security, to a particular issuing time period, and soon. For example, a user may be a trader in an investment fund. Thetrader may have a number of trading strategies to help him or her tomake wiser investment decisions. A given strategy may be based on anumber of factors, including risk tolerance, diversification of assets,volatility, and so on. A trader may be interested in determining animpact of a particular trade on specific trading strategy. To do so, thetrader may access the trade at issue in the trade view 400. The tradermay then select, for example, the security associated with that trade(e.g., by clicking on the security field in the entry associated withthe trade) and move the security into the position view 1000 (e.g., bygrabbing and dragging the security from the trade view 400 to theposition view 1000). The trader may then view one or more positions ofthe security (e.g., open position, current position, and so on), one ormore positions of other securities issued by the same issuer; one ormore positions of other securities of the same time, and so on. As aresult, the trader may be able to assess the impact of a particulartrade on the overall exposure of the investment fund, or a particularportfolio or trading strategy within the investment fund, to differentissuers, different security types, and so on.

In some embodiments, a user may configure the position view 1000 todisplay the exposure of an investment fund to a particular entity (e.g.,an issuer, a counterparty to a transaction, and so on), or to a group ofentities in a variety of other ways. For example, the user may configurethe position view 1000 to display the exposure of an investment fund toparticular economic sectors (e.g., energy, financials, healthcare, andso on). Moreover, within a given economic sector (e.g., technology), theposition view 1000 may provide the user with the exposure of theinvestment fund to the various industries (e.g., software,nanotechnology, and so on). In other words, in addition to displaying tothe user the exposure of an investment fund to a particular entity, or agroup of entities, the position view 1000 may also display how thisexposure is broken up (e.g., between different types of securities,between different economic sectors, and so on). Furthermore, the usermay configure the position view 1000 to display historical and/oraggregate exposure to different entities. Still further, the user mayconfigure the position view 1000 to display exposure associated withvarious risk factors (e.g., beta risk, different style factors, and soon).

FIG. 11 is a flow chart illustrating an example process 1100 forallowing the trader (or any user) to identify exposure of the investmentfund to a particular issuer. The example process 1100 is described withrespect to the investment fund administration system 204 illustrated inFIG. 2. However, it should be understood that the example process 1100may be implemented on other investment fund administration systems.

Referring to FIG. 11, the investment fund administration system 204 mayuse one or more data collectors to collect data related to variousfinancial assets held by the investment fund (block 1110). The receiveddata may be stored in the database 206 (block 1120). The investment fundadministration system 204 may then use the display application 218 tocreate a display for displaying the stored data (block 1130). Inparticular, the display application 218 may provide a first view (e.g.,a trade blotter) to display a list of financial transactions related tothe various financial assets held by the investment fund and a secondview (e.g., a position blotter) to display positions, P&L values, etc.of these financial assets (block 1140).

Once the first and second views are provided via the display application218, the investment fund administration system 204 may receive from auser (e.g., a trader) via the trade blotter a selection of a particulartransaction (block 1150). In response, the investment fundadministration system 204 may identify a particular financial asset(e.g., a security) associated with the financial transaction selected bythe user (block 1160). The investment fund administration system 204 maythen identify the issuer of the asset (block 1170). Once the issuer isidentified, the investment fund administration system 204 may presentvia the second view (e.g., position blotter) the positions of otherassets issued by the same issuer. Additionally, or alternatively, theinvestment fund administration system 204 may present via the secondview other metrics associated with assets issued by the issuer (e.g.,P&L values). As a result, a user may be able to identify the exposure ofthe investment fund to the identified issuer.

FIG. 12 illustrates an example interface embodiment of a price view1200. The price view 1200 may generally include a list of pricesassociated with different securities, e.g., owned by an investment fund.For a given security, the price view may further include the status ofthe price (e.g., current, missing, aging, and so on), variance in price(e.g., day-to-day variance, month-to-month variance, and so on), pricesof the security at particular points in time (e.g., present price, theprice a day ago, a month ago, a year ago, and so on), the position ofthe security, and so on. Similar to the trade view 300 and the positionview 700, the price view 800 may be configured to allow users togenerally edit the entries in the price view 800. For example, a usermay be able to flag an entry (e.g., to remember to return to that entryat a later time, or to alert other users that there may be an issue withthat entry, and so on). A user may also be able to attach various data,e.g., documents, communications such as IM communications betweeninvestment fund managers and investment fund administrators, and so on,to different entries in the price view.

In some embodiments, the price view 1200 may provide a user with accessto various pricing policies related to pricing various types ofsecurities. For example, an investment fund may have an agreement withan investment fund administrator regarding pricing common stockpositions. Investment fund personnel, e.g., investment fund managers,may be able to access these agreements, e.g., via the price view, whenpricing common stock positions to assign valid prices to common stockpositions. Pricing policies may further reference primary sources forpricing and price validation. Pricing policies may also include detailsregarding the pricing processes of the investment fund administrators(e.g., as related to validation of non-liquid instruments throughthird-party valuators), and so on.

In some embodiments, the price view 1200 may be configured to allowusers to add and/or generally edit data (e.g., prices of securities) inthe price view. For example, a user may upload prices for securities,e.g., from one or more files, databases, etc. A user may upload prices,for example, by clicking the “Upload New Prices” button on the priceview. In response, the user may be provided with an interface foruploading prices.

FIGS. 13-14 illustrate example interface embodiments 1300 and 1400respectively for uploading prices. Referring to FIG. 13, the interfacefor uploading prices 1300 generally allows a user to upload one or moreprices from one or more sources (e.g., a file of comma separated values,a spreadsheet, a database, etc.) to the price view 1200. When uploadingprices, a user may specify a legal entity (e.g., an investment fund)associated with those prices. The user may further specify the type ofuploaded prices. For example, the uploaded prices may include newprices, updated past prices, and so on. The user may further identifyone or more files (e.g., by specifying paths to those files) for whichto upload the prices.

Referring to FIG. 14, in some embodiments, the interface 1400 foruploading prices may alert the user if one or more of the upload pricesare invalid. Validity of an uploaded price may be determined in a numberof ways. For example, an uploaded price may be determined invalid ifthat price causes one or more securities to move by more than apredefined amount (e.g., 10%), for example, as specified in the pricingpolicies available to a user, as described above. In some embodiments,if one or more uploaded prices are determined to have caused one or moresecurities to move by more than a predefined amount, the interface foruploading prices may provide a list of these securities to the user. Theuser may choose to cancel the upload of new prices. Alternatively, theuser may choose to proceed with new prices, even if one or more of theprices was determined to be invalid.

Referring to FIG. 15, if the user chooses to proceed with uploadingprices when one or more of the prices was determined to be invalid, thenew price 1510 may be added to the price view 1500 with an indication(e.g., a visual alert sign, an alert message, and so on) that the priceis invalid. A user may then select the entry corresponding to thesecurity with the invalid price and edit the price to resolve thepricing issue. In some embodiments, the user may be provided with aspecial interface for editing a prices associated with a security.

FIG. 16 illustrates an example interface 1600 for editing the price of asecurity. The interface 1600 for editing a price of a security may beconfigured to allow a user to provide a new price for the security. Theinterface 1600 for editing a price of a security may further beconfigured to allow a user to provide supporting documentation for thenew price. For example, if the security in question is a non-liquidinstrument (e.g., a credit default swap), a user may provide supportingdocumentation describing how the price was calculated, which entitycalculated the price, and so on. Providing supporting documentationregarding new prices generally improves transparency and accountability.For example, if one user changes a price of a credit default swap,supporting documentation may help another user to understand why theprice was changed.

In some embodiments, the interface 1600 for editing the price of asecurity may further generally provide to the user details regarding thesecurity at issue. For example, the interface 1200 for editing the priceof a security may display the status of the security, the price of thesecurity, the position of the security, the market value of thesecurity, the source of the security, and so on. The interface 1600 forediting the price of a security may further provide the user withsupporting documentation regarding the price of the security. Theinterface 1200 for editing a price of a security may further allow theuser to view the pricing policy for that type of security. Additionally,or alternatively, the interface for editing a price of a security mayinclude a summary of the pricing policy for that type of security.

In some embodiments, the interface 1600 for editing a price of asecurity may further provide historical information to a user regardingthe security. Referring to FIG. 17, historical information 1700regarding a security may include historical prices, e.g., prices of thesecurity at previous points in time. Historical information 1700 about asecurity may further include events that may have affected the price ofthe security (e.g., earnings announcements). Historical information 1700may be presented to a user in a variety of formats, including forexample, a table format, in a graphical form and so on.

FIG. 18 illustrates an example interface embodiment of a profit-and-loss(P&L) view 18400. The P&L view 1800 may generally include a list ofstrategies (e.g., individual securities, portfolios of securities,trading strategies, and so on) and one or more P&L values associatedwith those strategies. P&L values may include P&L value for the day,month, year, and so on. The P&L view 1800 may further include theposition (e.g., open position) for each strategy.

In some embodiments, the P&L view may be configured to allow a user toview one or more position blocks for a given strategy. For example auser may select a strategy, e.g., by clicking on the entry correspondingto the selected strategy in the column marked “ACTION” 1810, and select“View Position Blocks” on a menu (e.g., a drop-down menu). In response,the user may be presented with a position view configured to displaysecurities associated with the strategy and P&L statements (e.g., P&Lfor the day, month, and so on) and positions (e.g., open position,current position, and so on) corresponding to those securities.

FIG. 19 illustrates an example interface embodiment of a cash view 1900.The cash view 1900 may generally include a list of cash accounts (e.g.,bank accounts). For each cash account, the cash view 1900 may includevarious information associated with the cash account. Informationassociated with a given cash account may include account number, thebusiness unit associates with the account, the last statement balance,the credit, the debit, the balance, the transaction status, and so on. Acash view 1900 may be further configured to monitor activity ondifferent accounts and provide various notifications regarding accountactivity to a user.

Referring to FIG. 20, in some embodiments, an interface 2000 formanaging financial data may include a timeline 2010. The timeline 2010may generally depict one or more events, notifications, alerts,reminders, and so on, associated with investment fund management andadministration. For example, the timeline 2010 may indicate to a userwhen new trade breaks have occurred. Also, the timeline 2010 may remindthe user, for example, to upload trades, prices and so on by a givendate and/or time. The timeline may display events over a period of aday, a week, a month, and so on.

A user may configure the timeline 2010 to include his or her own customreminders events, notifications, alerts, reminders, and so on. A usermay also configure reminders events, notifications, alerts, reminders,etc. for other users. For example, an account manager may configure thetimeline 2010 of an investment fund manager to include reminders to theinvestment fund manager to upload all trades for the day by 5:00 PM. Thetimeline 2010 generally increases transparency within an organization(e.g., an investment) by keeping track of events related to investmentfund management and administration.

Referring to FIG. 21, in some embodiments, a user may configure aninterface 2100 for managing financial data to include one or morefinancial summaries 2110 a-2110 b. One or more financial summaries 2110a-2110 b may include, for example, a trade summary 2110 a that providessummary data regarding recent trade activity. This summary data mayinclude the number of newly upload trades, the number of trade breaks,types of trade (e.g., types of securities that are traded), and so on.One or more financial summaries 2110 a-2110 b may further include aprice summary 2110 b that provides summary data regarding recentlyuploaded prices. This summary data may include the number of newlyupload prices, types of prices uploaded, alerts regarding prices (e.g.,number of aging prices), and so on.

In some embodiments, a user may further configure the interface formanaging financial data to include tasks 2120. Tasks may be configuredby a user for the user. Tasks may also be configured by a user (e.g., anaccount manager) for other users (e.g., investment fund managers). Anexample of a task 2120 illustrated in FIG. 21 is a “morning task” thatpresents a list of items (e.g., review trade breaks, review positionbreaks, review price breaks, review P&L, and so on) for a user tocomplete during the morning. A user may select an item and be providedwith an appropriate view (e.g., a trade view to review trade breaks, aposition view to review position breaks, and so on) to complete thedifferent task items.

If other users are dependant on the completion of particular items,these users may be notified when these particular task items arecompleted. Users may be generally notified of events (e.g., alerts,deadlines, breaks, and so on) in a number of ways. As described above,in some embodiments, users may be notified of events via theirtimelines. Users may also receive notifications via pop-up windows,other general visual alerts, audible alerts, and so on. In someimplementations, users may receive alerts even when they are not usingthe interface for managing financial data, e.g., via pop-up windows ontheir computers, audible alarms, e-mail, text messaging, and so on.

The invention has been described in terms of particular embodiments, butother embodiments can be implemented and are within the scope of thefollowing claims. For example, for simplicity of explanation, managementof financial data has been described with reference to investment fundmanagement. However, it should be understood that management offinancial data may be performed for other investment funds and financialinstitutions in general.

1. A computer communication system operatively coupled to a plurality ofdata sources, each of which collects or generates financial datapertaining to a financial transaction, the computer communication systemcomprising: a database configured to store data pertaining to afinancial transaction involving an investment fund, the data collectedor generated by a plurality of data sources; a display applicationstored on a computer readable memory and configured to execute on aprocessor to create a display for displaying the financial transactionand one or more transaction parameters, wherein the one or moretransaction parameters are based on data pertaining to the financialtransaction stored in the database; and a communication applicationstored on a computer readable memory and configured to execute on aprocessor to create a communication interface, wherein the communicationinterface enables a first user to initiate a communication with a seconduser regarding the financial transaction and automatically embeds atleast a portion of the plurality of transaction parameters in thecommunication displayed to the second user.
 2. The computercommunication system of claim 1, wherein the communication interfaceenables a first user to initiate an instant messaging communication withthe second user via a first instant messaging window.
 3. The computercommunication system of claim 2, wherein the instant messagingcommunication is displayed to the second user via a second instantmessaging communication window.
 4. The computer communication system ofclaim 3, wherein the communication interface embeds some of the one ormore transaction parameters in the communication displayed to the seconduser by embedding some of the one or more transaction parameters in thesecond instant messaging window.
 5. The computer communication system ofclaim 1, wherein the financial transaction involving the investment fundis a trade of a particular security between the investment fund and acounterparty.
 6. The computer communication system of claim 5, whereinthe one or more transaction parameters include one or more parametersselected from a group consisting of status of the trade, type of thetrade, quantity of the particular security, type of the particularsecurity, price of the particular security, and the counterparty.
 7. Thecomputer communication system of claim 1, wherein the second user is anaccount manager for the investment fund.
 8. The computer communicationsystem of claim 1, wherein the communication interface further embeds inthe communication a link to the data in the database pertaining to thefinancial transaction.
 9. The computer communication system of claim 1,wherein the communication application further saves the communication inthe database and associates the communication with the financialtransaction.
 10. The computer communication system of claim 1, whereinthe communication is an e-mail communication.
 11. A method of setting upa computer communication regarding a financial transaction for use in aninvestment fund data integration system operatively coupled to aplurality of data sources, each of which collects or generates financialdata pertaining to the financial transaction, the data integrationsystem comprising a database coupled to the plurality of data sources, adisplay application stored on a computer readable memory and configuredto execute on a processor, and a communication application stored on acomputer readable memory and configured to execute on a processor, themethod comprising: receiving from the plurality of electronic datasources financial data pertaining to a financial transaction involvingan investment fund; storing the received data in the database coupled tothe plurality of data sources; displaying the financial transaction andone or more transaction parameters via the display application, whereinthe one or more transaction parameters are based on data pertaining tothe financial transaction stored in the database; using thecommunication application to receive a request from a first user toinitiate a communication with a second user regarding the financialtransaction; initiating the communication between the first user and thesecond user regarding the financial transaction via the communicationapplication; and automatically embedding at least a portion of theplurality of transaction parameters in the communication displayed tothe second user via the communication application.
 12. The computercommunication system of claim 11, wherein initiating the communicationbetween the first user and the second user regarding the financialtransaction includes initiating an instant messaging communication withthe second user via a first instant messaging window.
 13. The computercommunication system of claim 12, wherein the instant messagingcommunication is displayed to the second user via a second instantmessaging communication window.
 14. The computer communication system ofclaim 13, wherein automatically embedding at least a portion of theplurality of transaction parameters in the communication furtherincludes automatically embedding at least a portion of the plurality oftransaction parameters in the second instant messaging window.
 15. Thecomputer communication system of claim 11, wherein the financialtransaction involving the investment fund is a trade of a particularsecurity between the investment fund and a counterparty.
 16. Thecomputer communication system of claim 15, wherein the one or moretransaction parameters include one or more parameters selected from agroup consisting of status of the trade, type of the trade, quantity ofthe particular security, type of the particular security, price of theparticular security, and the counterparty.
 17. The computercommunication system of claim 11, wherein the second user is an accountmanager for the investment fund.
 18. The computer communication systemof claim 11, wherein automatically embedding at least a portion of theplurality of transaction parameters in the communication includesautomatically embedding in the communication a link to the data in thedatabase pertaining to the financial transaction.
 19. The computercommunication system of claim 11, further comprising saving thecommunication in the database and associating the communication with thefinancial transaction.
 20. The computer communication system of claim11, wherein the communication is an e-mail communication.